Frasers Group, the retail empire controlled by Mike Ashley, has lowered its stake in fast-fashion giant Asos.
The Mansfield-headquartered group, which owns the likes of Sports Direct and House of Fraser, has decreased its holdings in Asos from 24.3 per cent to 21.1 per cent, according to a new filing with the London Stock Exchange.
Despite the sell-off, Frasers Group remains a significant shareholder in the company behind billionaire boss Anders Holch Polvsen.
Separately, Frasers Group also slashed its stake in Currys from 10.9 per cent to 2.8 per cent.
Shares in Asos spiked earlier this month after the group announced it had launched a joint venture with Heartland which will see the company buy the Topshop and Topman brands from the firm.
Ahead of the news, shares in Asos had been trading at around 367p but have since shot up to a high of 446p before falling back slightly.
The increase saw the share price of Asos reach its highest level since the start of September 2023.
However, the peak is still far lower than the 982p high it achieved as recently as February 2023.
Asos’ Topshop sell-off an ‘important step’
Speaking earlier this month, Asos CEO José Antonio Ramos Calamonte said: “We’re pleased to be making this announcement today which is an important step in Asos’ continued transformation.
“The joint venture and the launch of the refinancing will accelerate our strategy to both offer customers the best and most relevant product and to turn Asos into a company that delivers sustainable, profitable growth.”
“Topshop and Topman have made good progress since we acquired the brands in 2021. The new joint venture with Heartland is testament to the brands’ potential and the partnership will help bring Topshop and Topman to more customers globally.”
He added that the deal will create “new opportunities, both online and offline”.